2023-10-21 13:45:07
Saturday, October 21, 2023 – 5:43 PM
Abu Dhabi, October 21 / WAM / Multiplay Group recorded net profits amounting to 331 million dirhams following excluding changes in fair value during the third quarter of 2023, achieving a significant growth of 337% compared to the 76 million dirhams it recorded in the same period of the year 2022, while the net profit reached The group’s profits during the third quarter of the year amounted to 145.77 million dirhams, taking into account changes in the fair value of investments.
Figures for the third quarter of 2023 showed that the group achieved revenues of 351.8 million dirhams, an increase of 23.82% year-on-year. Multiplay’s strong performance was supported by growth in its four strategic sectors (+9% year-on-year) and the result of the merger of “Media 247” and “Level”, effective July 1, 2023.
Gross profit margin increased by 50.1%, reflecting an improvement of 128 basis points compared to the third quarter of 2022.
This growth was evident through the dividends, which amounted to 194.37 million dirhams from the group’s general portfolio, and the increase in profit to reflect the change in the currency used for the Turkish joint venture “Calyon” from the Turkish lira to the US dollar.
During the first nine months of the year 2023, the group recorded a significant increase in profits amounting to 811.17 million dirhams following excluding changes in fair value, an increase of 199% on an annual basis.
Multiplay Group is keen to take advantage of any new acquisition opportunities with meaningful cumulative value around the world, to expand the business of its subsidiaries and develop its investment arm.
The group, through its investment arms, Multiplay and Multiplay+, continues to demonstrate distinguished financial prowess by seizing promising and profitable investment opportunities in all fields.
Multiplay’s current investment sectors include: mobility, energy and utility services, media and communications, and health and beauty. While “Meplay+” maintains its strategy of comprehensive investment in various sectors with the aim of achieving meaningful returns.
The value of Multiplay+’s general market portfolio currently stands at 33.28 billion dirhams, compared to its initial investment of 15.43 billion dirhams.
Assem Al-Kholy / Ahmed Al-Nuaimi
1697898792
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